Bharti Airtel slips after Q4 numbers

Bharti Airtel fell 1.92% to Rs 327 at 11:49 IST on BSE after consolidated net profit rose 29.31% to Rs 107.20 crore on 6.23% increase in net sales to Rs 20,602.20 crore in Q4 March 2019 over Q4 March 2018.

The result was announced after market hours yesterday, 6 May 2019.

Meanwhile, the S&P BSE Sensex was up 49.63 points, or 0.13% to 38,649.97.

On the BSE, 3.66 lakh shares were traded in the counter so far compared with average daily volumes of 2.98 lakh shares in the past two weeks. The stock had hit a high of Rs 340.40 and a low of Rs 324.85 so far during the day. The stock hit a 52-week high of Rs 379.87 on 10 May 2018. The stock hit a 52-week low of Rs 254.29 on 22 October 2018.

Bharti Airtel reported net exceptional gain of Rs 2022.10 crore in Q4 March 2019 that comprises of (i) charge of Rs 145.50 crore towards operating costs on network re-farming and up-gradation program and (ii) credit of Rs 2167.60 crore pertaining to re-assessment of levies, based on a recent pronouncement related to the manner of determination of such levies.

Bharti Airtel and Hughes Communications India (HCIL), a subsidiary of Hughes Network Systems, LLC (HUGHES), the global leader in broadband satellite networks and services, announced an agreement to combine their VSAT operations in India. The transaction is subject to approvals by relevant authorities. As per the agreement, Hughes will have majority ownership in the combined entity and Airtel will have a significant shareholding. The combined entity will benefit from enhanced scale, improved operational efficiencies and wider market reach. The combined entity will be well positioned to leverage the demand for secure connectivity in a rapidly growing digital economy. HCIL is the leading broadband satellite service operator in India. It provides a comprehensive range of broadband networking technologies, solutions, and services for businesses and governments. The combine identity will be able to introduce new VSAT and related technologies to deliver a wide range of quality products and service. The combined entity will continue to serve existing Hughes and Airtel customers.

Bharti Airtel is a leading global telecommunications company with operations in 16 countries across Asia and Africa.

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